Ripple Price Analysis: XRP/USD Approaching Key $0.5550 Resistance

Ripple price traded towards the $0.5020 support during yesterday’s decline against the US dollar.

There is a crucial bearish trend line formed with resistance at $0.5550 on the hourly chart of the XRP/USD pair (data source from Kraken).

The pair is currently correcting higher, but buyers are likely to struggle near $0.5520 and $0.5550.

Ripple price started an upside correction against the US Dollar and Bitcoin. XRP/USD is approaching towards the key resistance area near $0.5550.

Ripple Price Analysis

Yesterday, we saw a fresh decline below the $0.5400 level in Ripple price against the US Dollar. The XRP/USD pair even broke the $0.5200 support level and settled below the 100 hourly simple moving average. The price traded towards the $0.5000 support and formed a low at $0.5022. Later, there was an upside correction and the price recovered above the $0.5200 level.

During the upside, the price surpassed the 23.6% fib retracement level of the last decline from the $0.6185 swing high to $0.5020 low. The current price action is positive above the $0.5250 level. However, the price is approaching a significant resistance near the $0.5500-0.5600 zone. There is also a crucial bearish trend line formed with resistance at $0.5550 on the hourly chart of the XRP/USD pair. The trend line is near the 50% fib retracement level of the last decline from the $0.6185 swing high to $0.5020 low. Besides, the 100 hourly SMA is also near the $0.5550 level. Therefore, if the price continues to move higher, it is likely to face a strong resistance near $0.5550-0.5600.

Looking at the chart, ripple price could struggle near $0.5550, above which buyers may possibly gain control towards $0.5800. On the downside, an initial support is at $0.5250, followed by the $0.5160 level.